Photo: Hovev / Wikimedia Commons / public domain
JERUSALEM, Israel – Tidhar Group and LARO Real Estate, part of the Shufersal group, signed a binding agreement for a combination deal to build 240 apartments, about 56 of them for rent, on land owned by Shufersal in Jerusalem’s Talpiot neighborhood. The companies reported the deal to the Tel Aviv Stock Exchange on Monday.
The photograph shows a Shufersal Deal supermarket in Talpiot in 2009. It is an archival photo, and it is not stated to be the project site.
The project will include about 23,000 square meters of residential space and another 12,000 square meters of employment and commercial space, according to the companies’ filing. In a combination deal, a developer builds on a landowner’s site and the two sides share in the result, in place of a straight land sale.
Talpiot is a mixed-use neighborhood in south Jerusalem that has been shifting from industrial and commercial use toward housing and offices.
Why it matters: the deal turns a Shufersal-owned site into housing and office space in a city that is short of both, and it adds rental units to the mix. Still unknown: the construction timeline, when permits and approvals are expected, and how the profit will be split between the sides. This report will be updated as the companies release more details.
JBizNews Desk | Jerusalem, Israel
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